2018 Q2 Form 10-Q Financial Statement

#000093634018000187 Filed on July 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $3.159B $2.855B
YoY Change 10.65% 26.22%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $272.0M $249.0M
YoY Change 9.24% 2.47%
% of Gross Profit
Operating Expenses $2.845B $2.517B
YoY Change 13.03% 25.98%
Operating Profit $329.0M $320.0M
YoY Change 2.81% 25.0%
Interest Expense $135.0M $133.0M
YoY Change 1.5% 16.67%
% of Operating Profit 41.03% 41.56%
Other Income/Expense, Net -$74.00M -$88.00M
YoY Change -15.91% 44.26%
Pretax Income $255.0M $232.0M
YoY Change 9.91% 18.97%
Income Tax $19.00M $57.00M
% Of Pretax Income 7.45% 24.57%
Net Earnings $234.0M $177.0M
YoY Change 32.2% 16.45%
Net Earnings / Revenue 7.41% 6.2%
Basic Earnings Per Share $1.29 $0.99
Diluted Earnings Per Share $1.29 $0.99
COMMON SHARES
Basic Shares Outstanding 181.0M shares 179.0M shares
Diluted Shares Outstanding 181.0M shares 179.0M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.00M $62.00M
YoY Change 1.61% 93.75%
Cash & Equivalents $63.00M $62.00M
Short-Term Investments
Other Short-Term Assets $162.0M $168.0M
YoY Change -3.57% 4.35%
Inventory $675.0M $743.0M
Prepaid Expenses
Receivables $1.690B $1.451B
Other Receivables $147.0M $92.00M
Total Short-Term Assets $2.895B $2.631B
YoY Change 10.03% 16.52%
LONG-TERM ASSETS
Property, Plant & Equipment $21.24B $20.06B
YoY Change 5.86% 9.66%
Goodwill $2.293B $2.291B
YoY Change 0.09% 13.53%
Intangibles
YoY Change
Long-Term Investments $1.326B $941.0M
YoY Change 40.91% 48.66%
Other Assets $148.0M $168.0M
YoY Change -11.9% 5.66%
Total Long-Term Assets $7.155B $7.338B
YoY Change -2.49% 20.0%
TOTAL ASSETS
Total Short-Term Assets $2.895B $2.631B
Total Long-Term Assets $7.155B $7.338B
Total Assets $34.33B $32.58B
YoY Change 5.36% 13.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.059B $988.0M
YoY Change 7.19% 32.62%
Accrued Expenses $113.0M $105.0M
YoY Change 7.62% 15.38%
Deferred Revenue
YoY Change
Short-Term Debt $474.0M $420.0M
YoY Change 12.86% 140.0%
Long-Term Debt Due $5.000M $412.0M
YoY Change -98.79% 149.7%
Total Short-Term Liabilities $2.499B $2.747B
YoY Change -9.03% 45.88%
LONG-TERM LIABILITIES
Long-Term Debt $11.56B $10.60B
YoY Change 9.06% 23.96%
Other Long-Term Liabilities $288.0M $339.0M
YoY Change -15.04% 50.0%
Total Long-Term Liabilities $8.808B $8.906B
YoY Change -1.1% 1.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.499B $2.747B
Total Long-Term Liabilities $8.808B $8.906B
Total Liabilities $11.31B $11.65B
YoY Change -2.97% 9.65%
SHAREHOLDERS EQUITY
Retained Earnings $5.760B $5.245B
YoY Change 9.82% 9.48%
Common Stock $4.205B $3.968B
YoY Change 5.97% -3.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.844B $9.088B
YoY Change
Total Liabilities & Shareholders Equity $34.33B $32.58B
YoY Change 5.36% 13.25%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $234.0M $177.0M
YoY Change 32.2% 16.45%
Depreciation, Depletion And Amortization $272.0M $249.0M
YoY Change 9.24% 2.47%
Cash From Operating Activities $595.0M $396.0M
YoY Change 50.25% -25.42%
INVESTING ACTIVITIES
Capital Expenditures -$630.0M -$481.0M
YoY Change 30.98% 10.07%
Acquisitions
YoY Change
Other Investing Activities -$164.0M -$125.0M
YoY Change 31.2% 95.31%
Cash From Investing Activities -$794.0M -$606.0M
YoY Change 31.02% 20.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 99.00M 192.0M
YoY Change -48.44% -681.82%
NET CHANGE
Cash From Operating Activities 595.0M 396.0M
Cash From Investing Activities -794.0M -606.0M
Cash From Financing Activities 99.00M 192.0M
Net Change In Cash -100.0M -18.00M
YoY Change 455.56% 500.0%
FREE CASH FLOW
Cash From Operating Activities $595.0M $396.0M
Capital Expenditures -$630.0M -$481.0M
Free Cash Flow $1.225B $877.0M
YoY Change 39.68% -9.4%

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5000000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
12000000 USD
CY2018Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
6000000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
13000000 USD
CY2017Q2 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
2855000000 USD
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
6091000000 USD
CY2018Q2 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
3159000000 USD
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
6912000000 USD
CY2017Q2 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
1423000000 USD
us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
3141000000 USD
CY2018Q2 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
1514000000 USD
us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
3254000000 USD
CY2017Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
3723000000 USD
CY2018Q2 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
3729000000 USD
CY2017Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
18000000 USD
CY2018Q2 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
39000000 USD
CY2017Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
2875000000 USD
CY2018Q2 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
3038000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
102000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
79000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
147000000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
23000000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
23000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5643000000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5760000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
27000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
14000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
13000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
67000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
621000000 USD
CY2018Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
474000000 USD
us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
175000000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
16000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
9512000000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
9844000000 USD
CY2017Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
97000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
206000000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-27000000 USD
CY2018Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
97000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
208000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9990000000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10318000000 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8000000 USD
CY2017Q2 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
1432000000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
2950000000 USD
CY2018Q2 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
1645000000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
3658000000 USD
CY2017Q2 us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
396000000 USD
us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
925000000 USD
CY2018Q2 us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
434000000 USD
us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
987000000 USD
CY2018Q2 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
0 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
179000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
179000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180000000 shares
us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues &#8212; Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues &#8212; Non-utility operations and purchases recorded in Fuel, purchased power, and gas &#8212; non-utility.</font></div></div>
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Derivative Assets and Liabilities</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year balances for DTE Energy were reclassified to match the current year's Consolidated Financial Statements presentation.</font></div></div>

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